Author Topic: JEF - Jefferies Group  (Read 598673 times)

benhacker

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Re: JEF - Jefferies Group
« Reply #1480 on: May 17, 2018, 10:54:22 AM »
The comp plan here is bad, totally agree.
Ben Hacker
Beaverton, Oregon - USA


mcliu

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Re: JEF - Jefferies Group
« Reply #1481 on: May 22, 2018, 07:57:49 AM »
Any chance comp plan gets voted down?  ::)


https://www.businesswire.com/news/home/20180522005683/en/
Leucadia Has Repurchased 20 Million Shares of Common Stock Since April 10, 2018

LowIQinvestor

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Re: JEF - Jefferies Group
« Reply #1482 on: May 22, 2018, 09:11:37 AM »

scorpioncapital

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Re: JEF - Jefferies Group
« Reply #1483 on: May 22, 2018, 12:06:57 PM »
So by this buyback move they have instantly achieved their 8% earnings per share growth target - or at least part of it? Perhaps they were thinking the easiest way to get the comp payout :)

benhacker

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Re: JEF - Jefferies Group
« Reply #1484 on: May 22, 2018, 01:50:55 PM »
So by this buyback move they have instantly achieved their 8% earnings per share growth target - or at least part of it? Perhaps they were thinking the easiest way to get the comp payout :)

Half of the 8% target is based on growth in TBV / share... not earnings.  The other half is shareholder (total) return.

I think buybacks will help both, but not for the reason you imply.

Ben Hacker
Beaverton, Oregon - USA

arcticfox

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Re: JEF - Jefferies Group
« Reply #1485 on: May 22, 2018, 06:37:26 PM »
Is anyone headed to the annual meeting tomorrow. If so any thoughts or notes would be greatly appreciated. I listen to the investor day call every October and and have shared some notes. Happy to share those.

I was pleased to see that they bought back some stock. I have been a longtime holder. Paid in the $25 range years back and added between $16-19 in 2016. I have always thought that once they demonstrated book value growth again that the stock would revalue towards book. Not yet. Also slightly disappointed to see they announced the transactions and bought back $500mm of stock in a month yet it's still down 10 percent ytd and lagging most peers.

This stock puzzles me. They are not that bad.

Spekulatius

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Re: JEF - Jefferies Group
« Reply #1486 on: May 22, 2018, 07:57:05 PM »
Is anyone headed to the annual meeting tomorrow. If so any thoughts or notes would be greatly appreciated. I listen to the investor day call every October and and have shared some notes. Happy to share those.

I was pleased to see that they bought back some stock. I have been a longtime holder. Paid in the $25 range years back and added between $16-19 in 2016. I have always thought that once they demonstrated book value growth again that the stock would revalue towards book. Not yet. Also slightly disappointed to see they announced the transactions and bought back $500mm of stock in a month yet it's still down 10 percent ytd and lagging most peers.

This stock puzzles me. They are not that bad.

I said this before, but GS even at current prices is still a better deal. Pay up 1.25x book for a first rate investment bank, rather than 1x tangible book for a 2nd grade one. Profitability and even OE are lower for GS too.
Life is too short for cheap beer and wine.

scorpioncapital

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Re: JEF - Jefferies Group
« Reply #1487 on: May 23, 2018, 12:51:15 AM »
Some insurance companies sometimes trade below book and are a pile of bonds. I think the book Davis Dynasty describes how the guy got very wealthy just buying and selling insurance companies based on valuation.

Spekulatius

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Re: JEF - Jefferies Group
« Reply #1488 on: May 23, 2018, 04:00:07 AM »
Some insurance companies sometimes trade below book and are a pile of bonds. I think the book Davis Dynasty describes how the guy got very wealthy just buying and selling insurance companies based on valuation.

I have generally done well selling decent insurance companies below tangible book. Currently there isnít much available, but there have been times, when you could buy decent insurance companies for 0.8x book.
Life is too short for cheap beer and wine.

LowIQinvestor

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Re: JEF - Jefferies Group
« Reply #1489 on: May 24, 2018, 06:29:30 AM »
Leucadia National Corporation Changes Name to Jefferies Financial Group Inc.
Jefferies Financial Group Inc. Announces Quarterly Dividend
https://www.businesswire.com/news/home/20180523006298/en/